DB was fined  $629m fined in January for $10bn worth of ‘mirror trades’: DEUTSCHEBANK – The New York State Department of Financial …Jan 30, 2017 … The New York State Department of Financial Services [DFS] FINES DEUTSCHE BANK $425 MILLION FOR RUSSIAN MIRROR-TRADING … http://bit.ly/2mWQqP6 New York State Department of Financial Services (DFS) Archives …Jan 30, 2017 … Alongside The New York State Department of […]

A federal appeals court on Monday revived a former JPMorgan Chase & Co (JPM.N) private banker’s whistleblower lawsuit accusing the bank of firing her in retaliation for warning that an Israeli client might be committing fraud. The 2nd U.S. Circuit Court of Appeals in New York found enough evidence to suggest that former JPMorgan employee […]

In a recently released milestone decision (6B_503/2015 dated 24 May 2016), the Swiss Federal Supreme Court (“SFSC”) held, for the very first time, that the duty of financial intermediaries to report suspicions of money laundering to MROS may extend beyond the end of the relevant business relationship. The purpose of this briefing is: to summarize […]

First gaining popularity in the early 2000s, crowdfunding is a way of soliciting financial contributions from people around the globe through an online platform.  Since this time we’ve all heard the emotional stories of people and charities in need, the heartfelt pleas for help in funding a start-up or pet project, and then a link […]

  T&Cs vs AML The Royal Court of Guernsey recently ruled (unreported judgement – http://bit.ly/2ahQ9zg) in Jakob International Inc v HSBC Private Bank (CI) Limited on an application by HSBC to strike out a claim brought by its customer, Jakob. Although this was decided without a substantive hearing of all facts, the Court’s decision provides […]

Committee says £100bn is being laundered each year and its chairman says system for tackling problem is ‘futile and impotent’. Government attempts to stop the UK property market being exploited by international money launderers are “totally inadequate” and the country has instead “laid out a welcome mat” to criminals, the House of Commons home affairs […]

From 1 June 2015, UK-based businesses will have greater freedom to report suspicions of money-laundering without risking liability to customers, due to an amendment being introduced to UK money-laundering law. The Proceeds of Crime Act 2002 (POCA) criminalises money-laundering in the UK. A regulated business, or a person working in such a business, commits an […]

In Parvizi v Barclays Bank Plc (2014), the High Court struck out a claim in contract and held that Barclays was not in breach of that contract in freezing a customer’s accounts and denying him access to his funds.  The evidence established a clear belief by the bank of a relevant suspicion of money laundering […]